Once you’re under contract, it’s normal for underwriters to ask your loan team for additional documentation. Their job is to clearly report that the borrower and home meet all guidelines. It is usually much more in-depth than your Preapproval. When a task requires additional documentation or clarification, it will be updated on your to-do list within your Paddio online account.
Credit reports not only show lenders what payments you’re already responsible for, but also show your ability to repay debt on time. Simply put, your credit score is a risk indicator, and utilizes the information to make sure we can fulfill the loan approval requirements.
There are four common goals accomplished with refinancing – reduce your interest rate, lower monthly payments, pay the mortgage off quicker, and utilize the equity in your home. Connect with one of our loan officers and we’ll discuss whether it makes sense.